Visa and Mastercard cards will no longer be serviced in Russia. What you need to know

In Russia, the cards of the international payment systems Visa and Mastercard, which were issued by Russian banks, will soon be completely discontinued. The Central Bank announced a similar decision on July 31. The final dates of their validity are still unknown and will be announced later. Whether it is possible to pay with these bank cards now and whether it is necessary to change the plastic is in the Izvestia article.

Are Visa and Mastercard cards valid

The issuance of Visa and Mastercard cards in the Russian Federation ceased in 2022 after the withdrawal of payment systems from Russia. Banks, together with the National Payment Card System (NSPK), stopped issuing new cards, but extended the validity period of those already issued.

This decision was made due to the risk of plastic and chip shortages amid Western sanctions and the rapid replacement of cards by Russians. At the moment, Visa and Mastercard cards continue to work as usual, including contactless payments, transfers and cash withdrawals, but only within the country. You cannot perform any operations on them abroad.

Do I need to change Visa and Mastercard cards

There is no need for urgent replacement of Visa and Mastercard cards now. The Central Bank said that banks will inform customers in a timely manner when this needs to be done. The timing will be reasonable and sufficient in order to systematically replace plastic with cards of the national payment system Mir, the press service of the regulator told RIA Novosti.

Meanwhile, there are fewer and fewer such cards in circulation, as citizens themselves show a desire to replace them with domestic ones. This also applies to holders of premium value-added cards, which provide customers with enhanced features and privileges. Since transactions are processed by the NSPK, they are still used for payment in Russia, but many of their advantages are being lost.

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Experts also recommend reissuing expired cards. This is necessary in order to secure your accounts. In mid-July, an analyst of the financial platform "Banks.Erania Bochkina, in an interview with the Prime agency, said that the longer the card is in circulation, the higher the risk of its compromise, and accordingly, the more conditions for fraud.

The head of the Department of the national payment system of the Central Bank, Alla Bakina, previously stated that the validity period of the card is one of the elements that hinder the operations of the Bank of Russia to combat fraud. She also reported that the Central Bank of the Russian Federation plans to limit the validity period of expired bank cards.

How to change Visa and Mastercard cards

In order to change a Visa or Mastercard card to Mir, you need to contact your bank, order the card in the mobile application, in your personal account on the bank's website, or contact customer support. When contacting the bank, you will need to present your passport and fill out an application.

It usually takes several days to reissue the card, then you can pick it up at a bank branch or arrange delivery to the desired address. The virtual card usually becomes available immediately. The Mir card can be used both on the territory of the country and in a number of other countries: Abkhazia, Azerbaijan, Armenia, Belarus, Venezuela, Vietnam, Kazakhstan, Cuba, Laos, Tajikistan and South Ossetia.

If there are no plans to replace a Visa or Mastercard with an extended validity period yet, it is necessary to monitor notifications from the bank so as not to miss information about possible changes.

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What payment systems are there in Russia?

In addition to the Mir payment systems and Visa and Mastercard, which have left the country, there are more than 20 payment system operators in Russia. They are listed in the register of the Central Bank. For everyday purchases, Russians most often use services that support the fast payment format. For example, SBPay, SberPay, Yandex Pay and others.

For international transfers, the Chinese UnionPay payment system is more often chosen. UnionPay cards are issued by several Russian banks, including Sovcombank, Alfa Bank, Tinkoff, and others.

However, when planning a trip abroad, it is necessary to familiarize yourself with the current restrictions and reviews of tourists in advance. The most reliable way to avoid running out of money in a foreign country is to take cash with you or issue a foreign bank card, sometimes it can be issued remotely. However, you should only order plastic on the official website and not store large amounts on it.

All important news is on the Izvestia channel in the MAX messenger.